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California Cannabis Co. Blüm Reports 36% YoY Drop In 2023 Revenue, Narrows Net Loss By 93%

By Jelena Martinovic
April 16, 8:58 AM
California cannabis producer Blüm Holdings Inc. announced on Tuesday financial results for the full year and fourth quarter ended Dec. 31, 2023. The company reported a 36% year-over-year drop in revenue to $33.2 million, due to a "strategic slowdown in its underperforming distribution segment." However, the company's CFO Patty Chan said the decrease in gross margin was only $0.5 million on a revenue decrease of $18.8 million. "2023 was a truly transformative year for Blüm Holdings during which the Company focused on disposing nearly all the company's underperforming assets and significantly reducing selling, general, and administrative expenses while simultaneously realigning our strategic focus to increasing our gross margin from 35% in 2022 to 53% in 2023," Chan said.

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Agrify Cannabis Cultivation & Tech Company’s Full-Year Earnings Mark Major Positive Comeback

By Nicolas Jose Rodriguez
April 15, 8:17 PM
Agrify Corporation (NASDAQ: AGFY), a trailblazer in cultivation and extraction technologies for the cannabis sector, has disclosed its financial achievements for the fiscal year ending December 31, 2023, marking a significant turnaround with its first-ever pos

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3 minute read

Marijuana Investors Bet Big On Long-Term Growth Over Short-Term Earnings As Market Value Rises By 39%

By Nicolas Jose Rodriguez
April 15, 7:53 PM
Recent data from the Viridian Cannabis Deal Tracker highlights significant changes in the valuation multiples of major multi-state operators (MSOs) in the cannabis sector. The Viridian Cannabis Deal Tracker has become an indispensable tool for companies, investors and acquirers in the cannabis industry.

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Cannabis Companies Clash With Justice Dept Over Fed Prohibition In Major Trial, Seek Oral Arguments

By Rolando García
April 15, 4:39 PM
As historical legal challenge against federal cannabis prohibition enforcement develops, a group of marijuana businesses is pressing for oral arguments in federal court. They aim to counter the Department of Justice (DOJ) arguments, claiming that the legalization of cannabis boosts out-of-state tourism and therefore prohibition is justified under the Constitution. 

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Canopy Is ‘Cautiously Optimistic’ On Cannabis Rescheduling Following Major Step Toward Entry Into US THC Market

By Jelena Martinovic
April 15, 11:15 AM
Canopy Growth's shareholders gave a green light to the creation of a new class of exchangeable shares of the company during their special meeting held on Friday, April 12, as recommended earlier by Institutional Shareholder Services (ISS).At the meeting, shareholders passed a special resolution authorizing an amendment to the company's articles of incorporation, as amended, to create and authorize the issuance of an unlimited number of a new class of non-voting and non-participating exchangeable shares in the capital of Canopy Growth.A total of 32,250,578 common shares of Canopy, representing 35.40% of the issued and outstanding shares, were voted in connection with the meeting by the company's shareholders and proxyholders.he move enables the acceleration of Canopy Growth's entry into the U.S. THC market, which is forecasted to hit roughly $50 billion in 2026, the company said on Monday in a press release.

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What’s Going On With Canopy Growth Stock?

By Adam Eckert
April 15, 10:55 AM
Canopy Growth announced that its shareholders approved the creation of a new class of Canopy Growth stock at its special meeting of shareholder on Friday. The approval authorizes the issuance of an unlimited number of a new class of non-voting and non-participating exchangeable shares in the capital of Canopy Growth.

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International Expansion Drives Growth For This Canadian Cannabis Producer As It Reports Record Q1 Revenue

By Jelena Martinovic
April 15, 9:46 AM
Canadian cannabis producer Avant Brands Inc reported on Monday its financial results for the first quarter that ended Feb. 29, 2024. For the quarter, Avant Brands reported "records across key financial metrics, underscoring the company's commitment to operational excellence," according to a Monday press release. International sales hit a record of CA$3.3 million, representing a 21% year-over-year increase, with sales accounting for 37% of total gross revenue. The company attributed the growth to its aggressive market penetration in "key regions," including Australia, Germany and Israel.

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